The complaint, which was brought by Suns Legacy Holdings LLC — the parent company that owns the Suns and the WNBA’s Phoenix Mercury — and Suns Capital Group LLC, the team’s management entity controlled by Ishbia, accuses Seldin and Kohlberg of trying to force an “exorbitant” buyout after refusing to contribute additional funds to the franchise.
According to the filing, Ishbia paid a record price for his majority stake, valuing the two franchises at roughly $4 billion. He later offered all limited partners the option to sell their shares at the same high valuation, which was nearly 20 times their original investments.
The deal valued the franchises at $4 billion and marked their first ownership change in nearly two decades. It was announced in December 2022 and approved by the NBA two months later.
Kisco and Kent were the only two minority owners who retained their stakes.
The dispute centers on a June 2025 capital call, which asked investors to put in more money for team expenses. Kisco and Kent refused, accusing Ishbia of pressuring them into selling their shares and demanding a buyout “at an exorbitant premium.”
After the Suns rejected these demands, the minority owners sued to access records and launched what the team’s filing calls a “negative publicity campaign.”
The Suns are asking the court to confirm the capital call was handled properly and accuse the investors of trying to force an inflated buyout.
Neither side’s legal teams responded to HousingWire’s request for comment at the time of publication.